Following the discovery of a multimillion-dollar fraud scheme at Knox Community College in Spalding, Clarendon, the institution is under serious criminal investigation. Currently, the matter is under investigation by the applicable authorities and, simultaneously, some of the employees in the accounts department have been placed on administrative leave as a result of the probe.
Numerous irregularities regarding the falsification of checks issued by the college were discovered, according to a statement issued by the school bearing the principal’s name. There have been reports of a defraud, but while the school has not yet confirmed the amount of money that has gone missing, speculations from news sources suggested the amount could be well above the million dollar mark, figures close to a staggering $60m.
The statement released by the institution stated, “The discovery was prompted by a recent call from our bankers, seeking to verify three cheques presented to them on the day; three cheques with numbers coinciding with ones issued by the college but apparently altered to reflect greater amounts.”
According to well-placed sources, some accounts appeared to have less money than they should have had. The source went on to give an illustration, “The board makes a decision to give somebody that is sick $100,000 from an account and the money was paid over to the person, another cheque was written to the same person for $630,000 but the person didn’t get it,” the source explained.
According to Principal Dr Davia Ramgeet, a report was submitted to the school’s board of management, auditors, the deputy commissioner of police responsible for crime and security, the Ministry of Education, the United Church of Jamaica and the Cayman Island’s general secretary, as well as the National Commercial Bank’s Fraud Prevention Unit. National Commercial Bank (NCB) serves as the educational institution’s banker, the organization is also embroiled in recent fraud perpetrated by its employees.